Get Ahead of the Competition with Same-Day Small Business Loans

Some business activities are so critical that they need to be prioritised above all else. This can include equipment repair or replacement, or running marketing campaigns at the start of sale season. A lot depends on how soon funds can be arranged. Fortunately, a number of Australian non-bank lenders offer small business loans, the same day you apply!

What is a same day small business loan?

As the name suggests, a same day small business loan is processed within 24 hours of your applying for it. It is an ideal choice for meeting time-critical business expenses. Depending on the lender, you can get loans of up to $150,000 rapidly by choosing this option. 

How to qualify for a same day business loan?

The exact requirements can vary from one lender to the next. In most cases, you will need:

• A trading history of 6 months at the minimum
• A monthly turnover of a minimum $6,000
• An active Australian Business Number (ABN)

Filling out an application online takes around 10 minutes with most lenders. After processing this information, lenders will provide a response within a few hours. Depending on the time of day; the funds could be transferred either on the same day or the next working day.

What types of small business same day loans can one get?

Most small businesses either need funding for a large, one-time purchase or to cover on-going expenses over a period of time. Depending on your situation, you can either choose a small business loan or a business line of credit. With a business loan, you can get access to a lump-sum amount with daily or weekly repayment options. On the other hand, a line of credit allows to you to carry a balance and pay interest only on the amount used – just like a credit card.           

Is collateral required for a same day, small business loan?

If the loan you seek is under $150,000, lenders in Australia usually do not require security or additional documents. You may be asked to upload your bank statements during the application process. In most cases, that’s all the documentation that’s required.

What are one’s chances of getting funded on the same day?

The earlier you apply, the better of chances of the loan being approved the same day. Typically, lenders will have a cut-off time of 4 pm which means that all applications received earlier will be processed the same day.

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